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| Subject: FDIC The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. The FDIC insures deposits at 8,195 institutions. The FDIC also examines and supervises certain financial institutions for safety and soundness, performs certain consumer-protection functions, and manages banks in receiverships (failed banks). State finance: By John Schroy, on July 6th, 2009 |  One comment  On July 2, 2009, the Federal Reserve announced that it was aware that the State of California was issuing its own currency to pay its bills. This, of course, is consistent with the lack of fiscal discipline which is the hall mark of far left Californian politicians, of which Nancy Pelosi is a prime example. California has experience with nut-case economics, having been the home of the famous Emperor Norton who issued his own currency to pay his bills in the mid-19th century. July 6th, 2009 | Print Article |  Email Article |  Topics: Bank of America, Barbara Boxer, California, Chase Manhattan, FDIC, Henry Waxman, legal tender, money, Nancy Pelosi, Wells Fargo | Category: Financial Market Regulator | One comment |  Short urlThe decline of Citicorp By John Schroy, on April 5th, 2009 | One comment  It is no secret that Citicorp no longer earns the same respect in financial circles as in days of yore. The problem is excessive complexity. This article describes the simplicity of the Citibank operation in 1956 when the bank was the world’s most powerful financial institution. It will not be easy, maybe not possible, for Citicorp to simplify operations and relearn the principles of sound banking. April 5th, 2009 | Print Article | Email Article | Topics: Bank of England, Citibank, complexity, FDIC, Federal Reserve Bank, Mervyn King, Sheila Bair | Category: Financial Market Regulator, featured | One comment | Short urlThe 'insolvent bank' oxymoron By John Schroy, on April 1st, 2009 | Leave a comment  Banks, by their nature, are insolvent, requiring government guarantees of their liabilities to protect against bank runs. Over the last fifty years, the percentage of bank liabilities guaranteed by the government has fallen considerably, while banks, free from the shackles of the Glass-Steagall Act, have become increasingly complex. Mark-to-market rules do not provide useful information to either bank depositors or investors, but may increase bank capital requirements, reducing the capacity to lend in the midst of a recession. April 1st, 2009 | Print Article | Email Article | Topics: complexity, efficient market hypothesis, FDIC, Glass-Steagall Act, insolvency, liquidity, mark-to-market, New Deal, stress tests, Timothy Geithner, Walter Wriston | Category: Financial Market Regulator, featured | Leave a comment | Short urlFeatured articles on inside pages
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